In April, Lebanese Government Eurobonds’ prices recovered some of their previous month losses and increased by around USD 1 to 2.5 from short to long end of the yield curve. Prices were supported by news that the Lebanese government approved an electricity plan and attempts to address the accumulated budget deficit. The Lebanese financial minister stated that interest rates are expected to decrease in the coming month as the Government prepares to issue USD 2.5 to 3 bln in Eurobonds in May. CDS levels for 5 and 10 years decreased by around 25 bps to 810 and 770 ask-spread levels respectively. In the GCC, 5 year CDS levels remained mostly stable. After an A+ rating and stable outlook by Moody’s and Fitch, Saudi Aramco issued a massive USD 12 bln in Eurobonds for 3, 5, 10, 20 and 30 year maturities at 2.75%, 2.875%, 3.5%, 4.25% and 4.375% yields respectively. Ftich affirmed Saudi Arabia at A+ with stable outlook.